EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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UK Altnets Review

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New Street Research

Base case for Openreach is the altnets (ex-Infravia JV) reach 13m unique passes and 25% penetration. However, with Equinox 2 on the horizon, life will be tougher for most altnets, especially those that are retail facing, as the major ISPs accelerate their migration to the Openreach FTTP platform. For CityFibre, which relies on wholesale contracts and has commitments with leading ISPs, their position should be stronger and they will emerge as the market leader, and yet New Street’s base case EV is still negative. In this note, they assess the implications of this, what can happen to increase value and next steps for the UK market.

Edition: 150

- 09 December, 2022